Sri Lanka PM says economy ‘has collapsed,’ unable to buy oil
By Krishan Francis in Colombo COLOMBO, Sri Lanka (AP) — Sri Lanka's debt-laden economy has “collapsed” after months of shortages of food, fuel and electricity, its prime minister told lawmakers Wednesday, in comments underscoring the country's dire situation as...
PBO says Trans Mountain pipeline to result in net loss for government
OTTAWA — The Parliamentary Budget Officer says the federal government now stands to lose money from its investment in the Trans Mountain pipeline. The latest analysis shows the net present value of the pipeline is negative $600 million, leaving it...
Biden, Chevron chief trade sharp words over gas prices
In a pointed back and forth, the head of Chevron complained Tuesday that President Joe Biden has vilified energy firms at a time when gasoline prices are at near record levels and the president responded that the oil company CEO was being “mildly sensitive.”
The president in recent weeks has criticized oil producers and refiners for maximizing profits and making “more money than God,” rather than increasing production in response to higher prices as the economy recovers from the pandemic and feels the effects of Russia’s invasion of Ukraine.
How much for gas? Around the world, pain is felt at the pump
There’s a global oil price — around $110 a barrel — but no global pump price due to taxes and other factors. In Hong Kong and Norway, you can pay more than $10 per gallon. In Germany, it can be around $7.50 per gallon, and in France, about $8. While lower fuel taxes mean the U.S. average for a gallon of gas is somewhat cheaper at $5, it’s still the first time the price has been that high.
Germany to limit use of gas for electricity production
BERLIN (AP) — Germany’s economy minister said Sunday that the country will limit the use of natural gas for electricity production amid concerns about possible shortages caused by a cut in supplies from Russia.
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